USD/JPY analysis of the week (4h candlesticks)

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The parity continue its bearish movement and is going to test the support at 89.29 (level 50%). The break out of this level will give a new sell signal. The next objective is at 88.23 (level 61.80%). We maintain to trade only shorts positions as far as 90.5 is resistance. A correction is however likely to happen on 89.29 given the fact that the RSI is in the oversold zone.

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